* indicates monthly or quarterly data series

Stock market capitalization w/o top 10 firms, percent of total market cap, 2020:

The average for 2020 based on 28 countries was 47.89 percent. The highest value was in Japan: 82.65 percent and the lowest value was in Zambia: 5 percent. The indicator is available from 1998 to 2020. Below is a chart for all countries where data are available.

Measure: percent; Source: The World Federation of Exchanges
Select indicator
* indicates monthly or quarterly data series


Countries Stock market access for smaller firms, 2020 Global rank Available data
Japan 82.65 1 1998 - 2020
Malaysia 68.37 2 1999 - 2020
Iran 67 3 1998 - 2020
Ghana 66.8 4 2020 - 2020
Sri Lanka 66.34 5 1998 - 2020
Thailand 65.61 6 1998 - 2020
Cyprus 64.3 7 2004 - 2020
China 63.36 8 2001 - 2020
Taiwan 62.91 9 1998 - 2020
Germany 61.82 10 1998 - 2020
Turkey 61.16 11 1998 - 2020
Hong Kong 59.8 12 1998 - 2020
Egypt 55 13 2004 - 2020
Philippines 54.72 14 1998 - 2020
Chile 54.56 15 1998 - 2020
Spain 49.29 16 1998 - 2020
Poland 48.64 17 1998 - 2020
New Zealand 46 18 1998 - 2020
Greece 40.96 19 1998 - 2020
Mauritius 39 20 2004 - 2020
Peru 39 21 1998 - 2020
Jordan 36.56 22 2006 - 2020
Croatia 27.66 23 2018 - 2020
Colombia 24 24 2003 - 2020
Kazakhstan 11.69 25 2013 - 2020
Saudi Arabia 10.62 26 2008 - 2020
Panama 8 27 2019 - 2020
Zambia 5 28 2020 - 2020



Definition: Value of listed shares outside of the top ten largest companies to total value of all listed shares.

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